Neal Froneman, CEO of Sibanye Gold in South Africa, has announced that the country’s mining industry is going to institute a new truth and reconciliation commission (TRC) to apologize for the sins the industry has committed in the past and win back investor trust.
Basically, Froneman was pertaining to the significance of stakeholder alignment in the country’s mining industry, with him as the leader of Sibanye. He noted that the lack of trust between investors has slowed down growth and prevented the industry from reaching its full potential. This hypothesis by Froneman was supported by surveys that revealed how deep South Africa had fallen in terms of attractiveness in mining investments.
When asked how the industry could win back stakeholder trust, Froneman said:
“We as the chamber have developed a strategy to address the mistrust. We were weak in acknowledging the issues of the past. We have reviewed the apologies the industry made [at the commencement of our democracy] for the things that were done and they were substandard and weak. So we as the ‘new’ leadership of the industry need to say sorry and undertake to never do these things again.”
The CEO said that the process would be similar to the one used by the TRC that was established after the first democratic elections. According to him, this will be a good way to start healing a country that has been divided in the past.
As for the stakeholders, he said that they should be committed to help the industry grow and succeed, given that the industry should also remain firm and imperative in its opinion to pursue what is right and equitable.